The structures that we all grew up with are in the process of disappearing. Our financial system, healthcare system and educational system—just to name a few—are being dismantled and transformed. New systems are being created. That means, we have more choices available to us.
Let’s take the financial system—banking, as a case in point.
We have the traditional banking system, and then we have cryptocurrencies and new, emerging financial apps being built on the Ethereum blockchain. In 2020, the number of decentralized financial (aka Defi) apps built on that blockchain have been sky rocketing.
A few of these financial apps are referred to as crypto banks because they offer a full range of services—you can buy/sell crypto, earn high interest on crypto, get low interest loans using crypto as collateral and send money anywhere in the world.
Old Banking System
The current banking system does not pay interest on your savings to help you achieve financial freedom. Today, banks are paying around 0.5% interest on savings accounts, on average, while they earn double digit returns on our deposits. What’s wrong with that picture?
Then while they make billions on our deposits, they charge highway robbery interest rates of 24% on credit cards. How can that help us? It doesn’t!
Banks’ overdraft fees are another example of how banks profit from our deposits, and then charge us fees for using their services. In 2019, large US banks took $12 billion in overdraft fees out of their customers’ accounts.
They’re making billions with our deposits, but paying us 0.5% on our hard earned money. The good news is that we now have choices that are alternatives to banks.
Banks are dinosaurs, soon to be extinct. Good bye banks. Hello new financial systems.
New Financial System
People are waking up to discover that alternatives are available to them.
The alternatives are based on new technology–blockchains and smart contracts. Don’t’ worry. You don’t need to understand the technology in order to benefit from the new financial services that are revolutionizing finance. We don’t know all the details of how phone systems work, yet we use phones every day. You don’t have to understand mining and nodes to benefit from holding Bitcoin.
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Disclosure:
The information presented is for educational purposes only and is not financial advise. Always do your own research before making any investments. Unlimited Inner Power (UIP) can receive compensation when a product is purchased via links that are shared.